Monday, 10 December, 2018

Ose $200 billion in tariffs on China from September 24th

Steel pipes to be exported are seen at a port in Lianyungang Jiangsu province China Steel pipes to be exported are seen at a port in Lianyungang Jiangsu province China
Priscilla Morrison | 18 September, 2018, 12:46

China's foreign ministry vowed Monday to strike back if Trump presses ahead with plans to impose duties on another $200 billion in Chinese imports, which would leave about half of everything the United States buys from China subject to tariffs.

Trump said he will impose 10 percent US tariffs on about $200 billion worth of Chinese imports but he spared smart watches from Apple (AAPL.O) and Fitbit (FIT.N).

The month-long trade conflict between the world's two largest economies has rattled investors who fear an escalation will eventually whack global growth, while talks between the two countries have failed to make much headway.

The Trump administration has demanded that China cut its $375 billion trade surplus with the United States, end policies aimed at acquiring USA technologies and intellectual property and roll back high-tech industrial subsidies.

"But, so far, China has been unwilling to change its practices", he said.

But if the Trump adminstration enacts a further $267 billion round of tariffs, the iPhone, along with all other smart phones, are likely to be included in the list.

"President Trump's decision to impose an additional $200bn is reckless and will create lasting harm to communities across the country", said Dean Garfield, president of the Information Technology Industry Council, which represents major tech firms.

At the same time, the administration said it remains open to negotiations with China. But a deputy to that adviser said at a meeting on Sunday that China would not negotiate with the US under pressure.

Additional tariffs on $267 billion of imports from China would push the cumulative total beyond the amount of goods the US bought from the Asian nation a year ago. That would mean imposing new taxes on all of the goods the United States imports from China.

So far, China has either imposed or proposed tariffs on US$110 billion of USA goods, representing most of its imports of American products.

More news: Tropical Depression Florence Kills 17 & Smashes Rainfall Records in Carolinas

The products spared included consumer electronics like smart watches and Bluetooth devices, child safety products such as high chairs, vehicle seats and play pens, and certain health-and-safety products such as bicycle helmets, the officials said. "China hopes the United States would recognise the negative consequences of its actions, and take convincing steps to correct its behaviour in a timely manner".

Beijing has vowed to retaliate on a range of U.S. products valued at around $60 billion.

"After brief hiatus, the trade war theme is back to start a new week", says Mark McCormick, North American head of FX strategy at TD Securities.

"They want to make a deal", Trump said.

Chinese Foreign Ministry spokesman Geng Shuang warned the day before the tariffs were announced: "If the USA imposes any additional tariffs on China, we will have to take necessary countermeasures and resolutely safeguard our legitimate and legal rights and interests".

Trump didn't otherwise elaborate on the announcement, which he described after complaining about the US trade deficit with China.

More broadly, tariffs will lead to higher United States consumer prices, lower overall U.S. economic growth, and other unintended economic consequences.

Fresh trade talks had been proposed by Treasury Secretary Steven Mnuchin to begin around September 20.

In response, the American President took to Twitter to rail against Cupertino. China imposed about $34 billion in retaliatory import charges.

China's yuan currency has weakened by about six percent against the USA dollar since mid-June, offsetting the 10 percent tariff rate by a considerable margin. I have a lot of respect for China.

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